After around-the-clock negotiations, Russia, Ukraine, and the European Union late today (Oct. 30) signed an agreement that will enable Russia to resume shipping gas to Ukraine. According to a Reuters story:
- Price Agreement. Ukraine will pay $378 per 1,000 cubic meters to the end of 2014 and $365 in the first quarter of 2015.
- Past Due Payments. Ukraine will pay $1.45 billion immediately and $1.65 billion more by the end of the year.
- Up-Front Payments. Ukraine will have to make up-front payments for all gas shipped from Russia. [It is expected that gas worth $1.6 billion will be provided.]
- EU to Act as Guarantor. The European Union will reportedly provide guarantees that Russia will receive the payments it is due for future deliveries.
Full Story on Reuters > http://reut.rs/1wHJ4hq